The price of the cryptocurrency Shiba Inu (SHIB) has risen by 40% over the past 7 days. However, today SHIB has hit a barrier in its attempt to surpass $0.000030.
Despite the obstacle, on-chain data shows that SHIB holders are not panicking. If this situation persists, the correction of the meme coin may be temporary.
SHIB buyers unfazed by resistance line
This morning, SHIB's price rose to $0.000030. This sparked speculation that the token could set a new annual high. However, the price has now fallen to $0.000025.
While the decline of other cryptocurrencies may be associated with selling pressure, the coin's holding time indicator shows that SHIB holders are not exerting downward pressure. This metric measures how long a coin has been held without being traded or sold.
If this metric declines, it indicates that holders are selling. However, in this case, the metric has surged over 500% in the past week, reflecting strong buying conviction around the token and low selling pressure.
If token holders maintain this state, the cryptocurrency could see a rapid rebound.
Additionally, the balance by holding time metric shows that most traders who accumulated SHIB over the past 30 days are still holding. If this trend continues like the coin holding time, SHIB's upward momentum could soon resume.
Breaching the $0.000028 resistance is key
According to the daily chart, the SHIB cryptocurrency is facing major resistance around $0.000028. This has caused the meme coin's value to fall to $0.000026. However, the daily chart shows that aggressive buy-side investors are strongly defending this area.
Additionally, the Moving Average Convergence Divergence (MACD) is staying in positive territory. MACD is a technical indicator that measures momentum by evaluating the relationship between two EMAs.
If the indicator declines, it signals weakening momentum. But since the indicator is in the green zone, it indicates positive momentum around SHIB. If this state persists, SHIB's price could rise to $0.000030.
In a very positive scenario, SHIB's price could reach $0.000035. However, if selling volume increases and the support line is breached, the token could fall to $0.000021. If selling pressure intensifies, the token could drop to $0.000017.
